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Checkit acquires Tutela Monitoring Systems for $0.85m
StockMarketWire.com
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Checkit said it had acquired its US based sole distributor Tutela Monitoring Systems for $0.85m.
The acquisition serves to 'accelerate the group's US expansion plans, providing a footprint and an opportunity to add further scale,' the company said.
The directors believed that, based on relative population sizes, the US represented an 'addressable market around five times larger than the UK, and therefore believe the acquisition represents a significant milestone in its growth strategy,' the company said.
Tutela was previously owned by Next Control Systems Limited, before Next Control Systems Limited was acquired by the group in May 2019. It was sold to the US management team of Tutela in August 2018.
At 9:51am: (LON:CKT) Checkit Plc share price was 0p at 47.5p
Story provided by StockMarketWire.com
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